Of Law and Economics and Economic Analysis of Law
Of Law and Economics and Economic Analysis of Law
The Role of the Lawyer
This introductory chapter explains the difference between law and economics, identified with John Stuart Mill, and the economic analysis of law, exemplified by Jeremy Bentham. It presents examples of recent scholarship of both fields and where they fit historically and considers why legal scholars have a particularly important role to play in law and economics, and especially in its future. This discussion serves as an introduction to the rest of the chapters which form the core of this book. It uses a law and economics approach to discuss the role of the lawyer, merit goods, and the perdurance and proper analysis of altruism and of not-for-profit institutions. It also examines what the use of the liability rule tells us about the relationship between markets and command, what economics often says about the validity of various tastes and values, and what economics can say about the shaping of tastes and values.
Keywords: law and economics, John Stuart Mill, economic analysis of law, Jeremy Bentham, merit goods, altruism, not-for-profit institutions, liability rule, tastes and values, economics
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